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Insurance companies and valuing modified vehicles-just got in an accident

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    Insurance companies and valuing modified vehicles-just got in an accident

    I have a 2006 Dodge Caravan with Braun modifications and roughly 100,000 miles. I was recently in an accident and according to the estimate repairs will amount to almost $5000. When I look up the cost of these online… that van model, miles and modifications, they seem to be selling around $15,000. I think my insurance company is going to try to total it. I have always had the original cost of the modifications listed on my insurance policy as well over $20,000. I'm concerned that the insurance company is not going to take the cost of those modifications into account and instead value the vehicle at 1500 bucks or so.

    Are there others that have experience with this? What did your insurance company do?

    Thank you

    #2
    I am a insurance agent for one of the largest companies. And remember this. The claim adjuster is not on your side although they will act like it.
    It really depends on who's at fault. Let me know and will go from there.

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      #3
      Mine caught fire and was totalled actually got almost 11k on a vehicle I only paid 5 k for. Had state farm at the time. I had the mods insured. Its been a few years but I recall them going by replacement cost.

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        #4
        Originally posted by Lavender lady View Post
        Mine caught fire and was totalled actually got almost 11k on a vehicle I only paid 5 k for. Had state farm at the time. I had the mods insured. Its been a few years but I recall them going by replacement cost.
        Here is the different between whos at fault. When its your fault the insurances is going to compensate you for what you are insure for on the policy.
        When the other party is at fault they need to compensate you to indemnify what you lost.
        So lets take your vehicle and make it a at fault accident. The other insurance is probably going to give you the 11k. But the odds are you won't be able to replace that vehicle with 11k. So you go online and look to find what it would cost for a similar vehicle with the same equipment and year as the vehicle you lost. And go with that amount if higher. The other item they need to compensate you for is. Loss of use of vehicle for 30 days. Now most companies will tell you 20.00 a day unless you actually rented a vehicle. But don't accept that. Look to see what it would cost you to rent a modify vehicle in your area and give them that price. You might need to fight for that because I had that happen to me personally And the adjuster refused. So i sent her over the general rule that other cases paid out and she still refused. So I told her I am done talking, You can talk to my attorney. I hung up and two hours later she called back and asked f I would accept 95.00 for thirty days. I said done.

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